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New Zealand – Important Facts

New Zealand is an island country located in the southwestern Pacific Ocean comprising two main landmasses (the North Island and the South Island) and numerous smaller islands. The geography of New Zealand is highly varied, from snowcapped mountains to lowland plains. The government system is a parliamentary democracy and a Commonwealth realm; the chief of state is the queen of the United Kingdom, and the head of government is the prime minister. New Zealand has a free market<market economy in which the prices of goods and services are determined in a free price system. New Zealand is a member of the Asia-Pacific Economic Cooperation (APEC) and the Trans-Pacific Partnership (TPP).

New Zealand’s economy has a sizable service sector, accounting for 63% of all GDP activity in 2013. Large scale manufacturing industries include aluminum production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP in 2013. The primary sector continues to dominate New Zealand’s exports, despite accounting for 6.5% of GDP in 2013.

The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy pulled out of recession in 2009, and achieved 2%-3% growth from 2011 to 2015. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the 2010 Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.

Important Details

  • Country ISO3 : NZL
  • Country Code : 554
  • Income Group : High income
  • Lending Category : P2P
  • Region : East Asia & Pacific
  • Currency Unit: New Zealand dollar
  • WTO Member : Yes
  • Trade organisations : APEC, WTO and OECD
  • world rank : 3
  • Regional Ranking : 3rd in the Asia–Pacific Region